Safa reports R74 million loss
Acting South African Football Association (Safa) CEO Gay Mokoena says the body has lost R74 million in the last financial year.
Gay Mokoena. Pic: Samuel Shivambu/BackpagePix
The loss was incurred from December 2018 to December 2019. The financial loss is due to Safa not agreeing on broadcasting rights with the SABC over airing national team games.
Mokoena revealed that Safa took cost-cutting measures to make up for the financial loss, reducing overheads by R80 million.
“We had some issues in the previous financial year regarding broadcasting rights. You will recall that we used to have a revenue stream of about R110-million [annually] from the rights‚” Mokoena said.
“In the past 18 months, we didn’t have that income. That has affected our performance very negatively.
“And we are unfortunately going to report a loss in our financial performance of approximately R74-million.
“And this R74-million is significantly resultant from the loss that we have incurred because of the SABC [rights issue].”
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